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I'm ***** *****, what do I do with depreciation on the

Customer Question
liability section of the balance...
I'm ***** *****, what do I do with depreciation on the liability section of the balance sheet
JA: Thanks. Can you give me any more details about your issue?
Customer: it seems to be the difference from getting the balance sheet to balance. If it's in the asset section, how do I account for it in the liability section
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.Category: Tax
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Answered in 19 minutes by:
3/6/2016
Tax Professional: Christopher Church,
 replied 1 year ago
Christopher Church
Category: Tax
Satisfied Customers: 10
Experience: director of accounting at cablevision
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Hello, I can try to help

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Tax Professional: Christopher Church,
 replied 1 year ago

Are you referring to accumulated depreciation?

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Customer reply replied 1 year ago
to make it balance I put -43,660
assets are remaining depreciation 877,620 (starting basis was 930,491) accumulated amount is $52,871)
land 166,634
Total Assets 1,000,594liabilities
non recourse loans on real estate 1,055,866
capital account -55,272
Total Liabilities and capital 1,000,594net income or loss per books this year is -33,835.
I don't think I should have to enter the -43,660 to get it to balance or do I?
Tax Professional: Christopher Church,
 replied 1 year ago

It looks like your in balance without the -43,660 so you are correct. Accumulated depreciation is a contra asset that shows up in the asset section. I hope this helps, if you are satisfied with my answer please rate as positive.

Thanks

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Tax Professional: Christopher Church,
 replied 1 year ago

Hello, is there anything else you need? If not please rate positive as that is how I get credit

Thank you

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Customer reply replied 1 year ago
It looks like the balance sheet should balance but how do I take the -43,660 out of the schedule L asset column as this would throw the total assets to liabilities line off. I don't see the balance of the columns without the adjustment. Or is there another missing detail that I am not thinking about.
Tax Professional: Christopher Church,
 replied 1 year ago

please attach a copy of schedule L so I can take a look

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Category: Tax
Satisfied Customers: 10
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Experience: director of accounting at cablevision

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